SAVERS are being targeted by fraudsters determined to get their hands on their retirement nest eggs.

A third of those saving for their old age – equivalent to 12 million people – have received text or email messages inviting them to review their pension or release some of it as cash in a so-called “pension liberation” scheme.

But fees can be 30 per cent and money taken from a pension can be taxed at 55 per cent tax.

In many cases, the money supposedly invested elsewhere is never seen again.

Dr Ros Altmann, pension expert and the Government’s business champion for older people, said: “Anyone approached about releasing money from a pension should steer clear and not be tempted.

“If you break the pension rules and take money out before age 55, you are likely to see little or nothing of your fund – so don’t be fooled by these scams.

"Once you reach 55, you can choose what to do.

People can lose their life savings through these scams

Steve Hyndman

"But you should use a reputable independent adviser rather than someone you don’t know who phones or emails you out of the blue.

“Your pension is precious, so don’t be tempted to squander it on risky ventures.”

Of those targeted, a quarter admitted they were tempted to take up the offer and 15 per cent returned phone calls, research by Phoenix Group revealed.

The pension firm said it has stopped 998 people from losing £21million and expects to more cases while these practices are being used.

The situation is made worse as savers are confused about new pension freedoms coming in next April.

Instead of buying an annuity with a pension pot, people will be able to take the full lump sum.

Steve Hyndman, head of financial crime prevention for Phoenix, said: “People can lose their life savings through these scams.”